Global Digital Transformation in Tax Technology Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Digital Transformation in Tax Technology Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The digital transformation in tax technology is an enormous topic that means different things to many people. But from any angle, digitization has been changing all aspects of taxation for some time – from tax collections and compliance down to the tax base itself. There are rich areas to explore in regards to the digitization of tax. In the past few years, the digital wave has become stronger and the business case for the adoption of new technologies in the tax function has gained further momentum, the digital transformation can significantly improve the lives of tax administrators and taxpayers.

Market Overview:

The latest research study on the global Digital Transformation in Tax Technology market finds that the global Digital Transformation in Tax Technology market reached a value of USD 15390.47 million in 2022. It’s expected that the market will achieve USD 35179.72 million by 2028, exhibiting a CAGR of 14.77% during the forecast period.

Assessment of the Overall Impact of COVID-19 on the Industry

In the specific environment based on the outbreak of COVID-19, the global economy has been significantly affected, resulting in challenges and opportunities for the development status of various industries. Since the COVID-19 virus outbreak in December 2019, the disease has spread to innumerable countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease (COVID-19) are already starting to be felt. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.

Covid-19 has influenced the ways to interact personally and professionally and accelerated the digital changes required for businesses to adapt and survive. The digital transformation trend that had already swept through Silicon Valley and other high-tech industry segments is escalating into a digital revolution for all other segments of the global economy and impacting businesses of all sizes, and in every geography. Amid COVID-19 pandemic cloud and internet technologies are keeping our world running. With social distancing in place businesses across sectors are working remotely, and people are completely dependent on online services for their essential and nonessential needs. To make this virtual world as real, efficient, and impactful as possible, the demand for robust cloud infrastructure is booming. COVID-19 has only further accelerated this adaptation and has driven businesses to rely more on technology and digitalisation. This is due to the fact that the lockdown taught businesses to work remotely and use technology extensively for smooth functioning.

Furthermore, digital transformation in tax technology of non-digital companies is driven by the proliferation of apps, the Internet of Things, remote working, data analytics, AI/ML, and cloud computing. While many companies in traditionally non-digital industries may have been slow to embrace digital transformation, Covid-19 has added some urgency, particularly as they reimagine operating models to grapple with the extended impact of supply chain interruptions, remote working, and other pandemic-related disruptions.

Market Dynamic Analysis and Development Suggestions

Tax authorities are increasingly becoming digital and getting closer to the source data to better understand taxpayer trends and ensure better compliance. Digitalization and emerging technologies have opened the factors of growth opportunities for businesses, and for tax administrators. Governments across the world are leveraging digital platforms to assess taxpayer data, including cross-referencing information at the source, running it through increasingly sophisticated analytics and sharing it among other agencies. Digitalization and emerging technologies have opened the doors to new opportunities not just for businesses, but for tax administrators as well to transform their day-to-day operatiMarket Dynamic Analysis and Development Suggestions Tax authorities are increasingly becoming digital and getting closer to the source data to better understand taxpayer trends and ensure better compliance. Digitalization and emerging technologies have opened the factors of growth opportunities for businesses, and for tax administrators. Governments across the world are leveraging digital platforms to assess taxpayer data, including cross-referencing information at the source, running it through increasingly sophisticated analytics and sharing it among other agencies. Digitalization and emerging technologies have opened the doors to new opportunities not just for businesses, but for tax administrators as well to transform their day-to-day operations. Tax authorities are harnessing the power of new technologies such as big data and advanced analytics to improve tax administration, counter fraud and facilitate taxpayer compliance. As countries move toward digitizing their tax administration, their efforts can often follow a similar pattern, aligning with different levels of digitization. The move to digitization is not necessarily linear, nor should higher levels of digitization be viewed as the ultimate goal of either taxpayers or tax authority.

With digital transformation, tax administrations can turn data into a business asset using predictive modeling and the analysis of macroeconomic trends and policy changes that help develop workforce capabilities. This can simplify compliance and help prevent tax errors and fraud. It can help improve taxpayer services by facilitating payment methods, issuing faster refunds and giving easier access to relevant information. For tax administrations, it can reduce operation times, decrease costs, improve risk management techniques and audit efficiency and better incentivize (inter)national priorities.

ons. Tax authorities are harnessing the power of new technologies such as big data and advanced analytics to improve tax administration, counter fraud and facilitate taxpayer compliance. As countries move toward digitizing their tax administration, their efforts can often follow a similar pattern, aligning with different levels of digitization. The move to digitization is not necessarily linear, nor should higher levels of digitization be viewed as the ultimate goal of either taxpayers or tax authority.

With digital transformation, tax administrations can turn data into a business asset using predictive modeling and the analysis of macroeconomic trends and policy changes that help develop workforce capabilities. This can simplify compliance and help prevent tax errors and fraud. It can help improve taxpayer services by facilitating payment methods, issuing faster refunds and giving easier access to relevant information. For tax administrations, it can reduce operation times, decrease costs, improve risk management techniques and audit efficiency and better incentivize (inter)national priorities.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

The major players operating in the Digital Transformation in Tax Technology market include Wolters Kluwer, Avalara, Intuit, Ryan and Thomson Reuters, etc. Among which, Wolters Kluwer ranked top in terms of sales and revenue in 2022.

Segmentation Overview:

Among different product types, Cloud segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Large Enterprises segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Digital Transformation in Tax Technology market covered in Chapter 3:

The Sage Group
Thomson Reuters
Intuit
Wolters Kluwer
Vertex
Avalara
Ryan
Sovos Compliance
Xero
H&R Block
Taxjar

In Chapter 4 and Chapter 14.2, on the basis of types, the Digital Transformation in Tax Technology market from 2018 to 2029 is primarily split into:

On-Premise
Cloud

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Digital Transformation in Tax Technology market from 2018 to 2029 covers:

Small and Medium Businesses(SMBS)
Large Enterprises
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)